The Ethereum (ETH) community continued to eagerly await news on the approval of a spot Ethereum Exchange-Traded Fund (ETF) planned for May.
However, with the United States Securities and Exchange Commission (SEC) remaining blatantly silent on the issue, speculation has been rife on the subject. likelihood of approval.
This speculation is further fueled by the lack of concrete details regarding the approval process, leaving investors and enthusiasts worried and impatient.
Bitcoin Maxi weighs in on Ethereum Spot ETF approval
During the Ethereum ETF debate, notable voices from the cryptocurrency industry offered their views.
Max Keizer, renowned Bitcoin maximalist and advisor to the president of El Salvador, recently Express skepticism about the SEC’s cautious approach to approve an Ethereum ETF.
Keizer, known as a staunch supporter of Bitcoin and skepticism of alternative cryptocurrencies, has dismissed Ethereum as a “proof-of-stake scam,” suggesting it lacks the regulatory backing needed for it. SEC approval.
The SEC is right not to approve an Ethereum (ETH) ETF
This is a proof-of-stake scam that does not meet all the requirements sought by the SEC. https://t.co/nLz8boTGtW
-Max Keizer (@maxkeizer) April 11, 2024
Keizer’s sentiment echoes that of Bloomberg Senior ETF Analyst Eric Balchunas, who also recently shared a conservative outlook on the likelihood of an ETH spot ETF receiving regulatory approval.
Balchunas estimated only 25% chance of approvalfurther fueling the uncertainty surrounding the prospect of an Ethereum ETF.
Regarding Eth ETF approval, we are holding the line at a 25% rating, although this is a very pessimistic 25%. The lack of engagement appears to be intentional rather than procrastination. No positive signs/information anywhere you look. Personally, I hope they approve it, but it doesn’t look good. https://t.co/nuBdCDE18L
– Eric Balchunas (@EricBalchunas) March 25, 2024
Additionally, VanEck CEO Jan Van Eck expressed his anticipation of possible rejection of their Ethereum ETF application, citing prolonged regulatory reviews and lack of clarity from the SEC.
Spot ETH ETF sparks regulatory interest overseas
Amid uncertainty surrounding the US SEC’s stance on Ethereum ETFs, reports suggest a mixed regulatory environment in Hong Kong.
According to BloombergHong Kong regulators could soon approve exchange-traded funds investing directly in Bitcoin and Ethereumsignaling a potential shift in global regulatory attitudes towards cryptocurrency investment products.
If approved, these ETFs could provide investors with new opportunities for exposure to the digital asset market. Several companies are in the process of launching ETFs while awaiting regulatory approval from the Securities and Futures Commission.
Potential issuers awaiting approval include the international arms of Chinese asset manager Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.
After receiving regulatory approval, these companies indicated their intention to launch ETFs investing in BTC and ETH, highlighting the growing demand for cryptocurrency investment products in global markets.
Featured image from Unsplash, chart from TradingView
